A.M. Best Co. has placed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit rating (ICR) of “a-” of the Illinois-based Risk Management Association of the Residential Construction Employers Council (RCEC) under review with negative implications.
Best explained that “following initial receipt of notification of the change in service administrators to Assurance Agency, Ltd. (Assurance) from Walker Risk Analysis Management Services Company, A.M. Best, per its standard operating procedure, will assess the new service administrator’s performance. A.M. Best will also monitor the transition of the functions between service administrators.”
Best added that it would meet “with Assurance as well as the new claims administrator (GAB Robins Company) within the next 30 days to determine the program’s strict adherence to rating requirements, which may result in maintenance of the current rating.”
Best also indicated that it “will need to confirm the new service administrators’ team’s performance, as well as the expected smooth transition of the functions from the old service administrators’ team to the new.”
Source: A.M. Best – www.ambest.com
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